Fconomlc Growth TbdolEd

10.4.3 0sdmdon Methodology
The reurchs rill us OLS s q.ll os CMM po@duE in de @lvst a $@ Dighl b€ tne
problen or endoseEity airi,s lBn indcFndent vlriabl6 sptcilicallv in insnuftnol
vdiables ror lhe Edn $d lhese wilblcs hdvc o $ong p.sidve corclorion rith ennh To
apply lhis nerhodolosJ, $e lbllowing .quarion i3 cslimd.d bv cMM:
lh = fo+ fa+ i{,+.,
TIF insrM€nlal vsnabbs for the .qualion !rc lwie h$ ol d.pdrknt vlrilble lnd fiul ldg
of l explmlory voisbhs.
70.5. A.stlts
t*|p:,/j''.P.ll.dhtlan
As qplinen elid, ov.6ll ituliutios cmitod 3!bl. o'! lh. oih.r hd4 gmvtt in
.omy m6udd by st ODP F qPilo, wnncss.d o liibb incrc over dE v6.
H6*ev.r, cmDontively hider sro{in w$ eiln.$.d in d ol1984_ 91. In d or 9&,
inoome l€vel b.M€ f.i y sl!bl., and il shllply ticlcd up hlcr in 2000{6 pciod (FiguF
l0), Anons other vaiablca, svings Efrain€d f.nly sllbl. tt cboul I J%. Intulio follo*ed
ircom., €tuined in the sd a bit high.r. Emdincd lowd rhdughout $e mjddle 6 wndesed
a suBp in 2003 onwotds $ lMmy eilessd a 3i@c Itowlh. TEdc openmss rls